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Financial Aid Resources
The following is a brief description of the federal and institutional aid programs that are commonly administered by the Financial Aid Office. International students should note that they are not eligible to receive funds from any of the federal aid programs described below.
With respect to loans, borrowers are advised to refer to their promissory notes for the specific terms of a given loan, such as loan repayment and deferment. The HMS Loan Fact Sheet and Deferment Options Chart provided in the appendix of this guidebook will provide general information on grace period, deferment, and repayment provisions. However, because program terms are subject to change, the most reliable description of loan terms for an existing loan obligation is the promissory note itself.
U.S. DEPARTMENT OF EDUCATION TITLE IV AID PROGRAMS
Federal Stafford Loans/Ford Direct Loans
Federal Stafford Loans are the most common source of education loan funds in the United States. Students apply for these loans by completing the FAFSA form; no separate loan application is required.
Harvard University participates in the William D. Ford Federal Direct Loan Program. Unlike the Federal Stafford Loans students may have borrowed prior to coming to HMS, Ford Direct Loans do not involve the participation of a private lender.
Federal Direct Subsidized Stafford/Ford Loans
Under the Federal Direct Subsidized Stafford/Ford Loan Program, eligible HMS students may borrow up to $8,500 per year, up to the lifetime borrowing limit of $65,500 for undergraduate and graduate loans combined.
Origination Fees: The federal government retains 3% of the proceeds of all Subsidized and Unsubsidized Stafford Loans as an origination fee. As an incentive to repay loans on time, borrowers receive an up-front rebate of half of this fee. In order to keep this rebate, the borrower must make the first twelve loan payments on time when the loan goes into repayment. If any of these first twelve payments is late, the rebate will be added back to the outstanding principal.
Interest Rates: The interest rate is variable with an 8.25% cap, and adjusted annually on July 1. The interest rate for the 2003-04 academic year is 2.82%. Interest is subsidized by the federal government while enrolled in school at least half-time, during a six month grace period, and during periods of eligible deferment.
Grace Period: All Federal Direct Subsidized Stafford/Ford Loans carry a six month grace period that begins once the borrower ceases to be enrolled at least half-time at a qualified institution of higher education.. During this grace period, the federal interest subsidy continues and no loan payments are required.
Grace periods are loan-specific; thus each Stafford Loan borrowed has only one grace period. Once a grace period begins, if the borrower returns to school on at least half-time before it expires, a full grace period will be available the next time enrollment ends. However, if the entire grace period is used up before studies resume, no further grace periods will be available and the loan will go into repayment immediately after half-time enrollment ends.
Deferment: Under certain conditions, Stafford loans may be eligible for deferment benefits. During periods of deferment, interest ceases to accrue on the loans and the repayment of principal is not required. All Federal Direct Subsidized Stafford/Ford Loans are eligible for deferment if the borrower meets one of the following conditions:
- A full-time student at an eligible institution of higher education;
- Unemployed;
- Experiencing financial hardship as defined by the U.S. Department of Education (Three-year maximum);
- A graduate fellow for at least six months under an approved fellowship program;
- Enrolled in an approved rehabilitation training program;
- A medical intern/resident who has an unpaid balance on a Federal Stafford Loan issued prior to July 1, 1993.* (Two-year maximum.)
*The federal government considers any borrower who has an outstanding Federal Stafford Loan issued before July 1, 1993 to be an "Old Stafford Borrower." Those who meet this requirement are eligible for up to two years of deferment during their internship/residency. This deferment will apply to all of the borrower's subsidized Federal Stafford Loans (pre- and post-1993).
Forbearance: During periods of forbearance, repayment of principal is not required, but interest continues to accrue on the loans. All Federal Direct Subsidized Stafford/Ford Loans are eligible for forbearance during the entire internship/residency period. Forbearance must be requested on an annual basis from the Direct Loan Servicing Center.
Federal Direct Unsubsidized Stafford/Ford Loans
Federal Direct Unsubsidized Stafford/Ford Loans are subject to the same terms and conditions regarding interest rates, grace period and deferments/forbearances as those established for their subsidized counterparts.
The interest on a Federal Direct Unsubsidized Stafford/Ford Loan accrues from the day the loan is disbursed and is always the responsibility of the borrower. Students can choose to let this in-school interest accrue or pay it quarterly. In order to minimize the cost of borrowing, students are encouraged to pay the quarterly interest if at all possible. Unpaid accrued interest will be capitalized (i.e. added to the outstanding principal balance) at the end of the grace period, prior to the onset of repayment.
For students in medicine and certain other health professions, the Federal Direct Unsubsidized Stafford/Ford Loan annual borrowing limits are determined by the number of month covered by the standard student budget. For students on 12-month budgets, the annual limit will be $45,166 less the amount of any Subsidized Stafford Loan borrowed. Students on 9-month budgets are eligible for $38,500 less the amount of Subsidized Stafford Loan borrowed. In either case, the student’s total aid (Subsidized and Unsubsidized Stafford Loans plus all other aid) can never exceed the standard student budget.
The maximum aggregate Federal Direct Unsubsidized Stafford/Ford loan limit is $189,125 less any Subsidized Stafford Loans borrowed.
Master Promissory Notes for Federal Direct Subsidized and Unsubsidized Stafford/Ford Loans will be made available for signing in September of the first year that a student borrows via HMS. The loan funds will be credited directly to the borrower’s Harvard term bill account within a few days after loan signing; subsequent disbursements will automatically be credited at the start of each term.
Federal Carl D. Perkins Loan (formerly known as the National Direct
Student Loan)
Note: Students with outstanding balances on National Direct Student Loans taken prior to July 1, 1987 should contact the Financial Aid Office for additional information about the terms and conditions that apply to any Perkins Loans that they subsequently borrow.
A Federal Perkins Loan is a low-interest (5 percent) loan program for with exceptional financial need. Harvard University serves as the lender, and the funding for the program comes from an allocation of government funds combined with matching funds from Harvard. Unlike the Stafford/Ford loan programs,
borrowers repay this loan to the Harvard University Student Loan Office.
Students who have the greatest calculated financial need have priority for a Federal Perkins Loan. The actual amount of the loan is determined by the Financial Aid Office each year, up to a maximum annual limit of $6,000. The lifetime borrowing limit for the Perkins program is $40,000, including all outstanding balances from undergraduate and graduate borrowing.
There is no separate application for the Federal Perkins Loan; all students who file a FAFSA form will automatically be considered for this program. Students awarded Perkins funding begin the loan origination process by signing and returning the HMS financial aid award letter. Loan promissory notes will be made available for signing in September, and Federal Perkins loan funds will be credited directly to the borrower’s Harvard term bill account a few days later.
Interest Rates: Federal Perkins Loans carry a 5% interest rate. No interest is charged during in-school enrollment, the grace period, and any periods of deferment. Interest begins to accrue upon the completion of the grace period.
Grace Period: All Federal Perkins Loans have a nine-month grace period which begins as soon as the borrower ceases to be enrolled on at least a half-time basis.
Deferment: During periods of deferment, interest ceases to accrue on the loans and the repayment of principal is not required. All Federal Perkins Loans are eligible for deferment if the borrower is:
- A full-time student at an institution of higher education;
- Unemployed;
- Experiencing financial hardship as defined by the U.S. Department of Education;
Loans issued after September 30, 1980 but before July 1, 1993 are also deferrable for the first two years of a medical internship/residency training program required before certification can be issued for professional practice or service. Please note that this deferment is only available on loans signed within this very specific time period. Subsequent Perkins Loans taken by the borrower are not eligible.
Post-Deferment Grace: Loans issued after September 30, 1980 are eligible for a six-month grace period following any granted period of deferment.
Forbearance: If a borrower is temporarily unable to meet the repayment schedule for a Perkins Loan and is not eligible for a deferment, s/he can request a forbearance for a limited and specific period. During periods of forbearance, repayment of principal is postponed or reduced, but interest continues to accrue on the loans. Forbearance is granted on an annual basis and the borrower must submit a request in writing to the school that awarded the loan.
Federal Work-Study Program (FWS)
The Federal Work-Study Program provides an opportunity for students to earn a part of the cost of their education. The federal government, through Harvard, provides a wage subsidy to employers who hire participating students. This makes participants more attractive as employment prospects.
The program encourages community service work and work related to the participant’s course of study. There are options to pursue both on- and off-campus work. If the student works on campus, the employer is usually the school that the student is attending. If the student works off campus, the employer is usually a private non-profit organization or a public agency.
A student's work must be in the general public interest. It may not be primarily for the benefit of members of a limited membership organization. It may not involve sectarian instruction or other religious activities of a church; and it may not involve the construction, operation, or maintenance of any portion of a facility used for sectarian instruction or religious worship. Finally, FWSP jobs must be free of partisan political involvement. Students may not work for the Deparment of Education, a member of the Congress, or in any position that includes lobbying the government.
To qualify as an off-campus Work-study employing agency, an organization must be eithera federal, state, or local government agency, or a private, non-profit organization within the US. The only permissible employment outside of teh US is in a US governmetn facility such as an embasy or military base. The FWSP covers 100% of the wages of students serving as reading and math tutors for elementary school children. Non-profit agencies serving the needs of low-income individuals contribute 10-25% of wages plus a fringe benefits assessment. All other non-profit agencies contribute a standard 35% plus fringe. Privately-owned, for-profit companies are eligible for participation in the program provided that the work is directly related to the student's career goals. The company must also document an inability to hire the student without FWSP subsidy.
The allowable wage range for the academic year 2002-03 was $7.90 - $ 14.75 per hour. Employers are generally permitted to set the wage rate for their jobs in accordance with fair labor practices. Work-Study participants are paid through the Harvard payroll systems; employers are then billed for their share of the student’s total earnings, which generally ranges from 0% to 50% of wages paid. Students are eligible to work up to 20 hours per week while classes are in session and up to 40 hours per week during vacation periods.
Students apply separately to participate during the term-time and summer Federal Work-Study employment periods. Application forms are available from the HMS Financial Aid Office. Eligibility is based on financial need as determined by an analysis of the student’s FAFSA data.
A summer FWS award recipient must plan to be enrolled at HMS for the following fall semester. A portion of the gross summer work-study earnings (after adjusting for taxes and living expenses) is required to be used to fund a portion of the calculated student contribution for the following academic year. The exact amount is determined at the end of the summer after actual earnings are known. Federal regulations prohibit students from borrowing additional student loans to fund the Summer Work-Study component of the calculated student contribution.
For term-time Work-Study, the Work-Study award will normally replace, dollar for dollar, the least favorable loans in the student’s award. Alternatively, students may request that the award be used to replace a missing parent contribution.
Once the student is approved to participate in the Federal Work-Study program, s/he is responsible for finding a suitable position. The Financial Aid Office maintains a listing of employment opportunities for students looking for work-study employment. Students may also wish to look for job suggestions at the HMS Office of Enrichment Programs, the HMS Office of Educational Resources, the Vanderbilt Hall Business Office, and the Harvard University Student Employment Office (on the web at ).
Once the student notifies the Financial Aid Office that s/he has secured a position, the Financial Aid Officer will give the student a packet of payroll documents to be completed by the employer. These documents must be completed and approved before the student can begin work.
US DEPARTMENT OF HEALTH AND HUMAN SERVICES TITLE VII AID PROGRAMS
Scholarships for Disadvantaged Students (SDS) and Loans for Disadvantaged Students (LDS)
Congress authorized the SDS Program and its companion loan program, the LDS Program, in 1990. To be considered for these programs, students must meet the federal definition of disadvantaged, either coming from a family whose income falls below specified benchmarks or demonstrating a background of economic, social, and/or educational disadvantage that hinders the pursuit of medical education.
Awards are made by the Financial Aid Office following the start of the academic year after reviewing the entire pool of eligible candidates. Funding is very limited and not all eligible students can be assisted. The size of awards varies, and the assistance is always used to replace potions of the student's existing loan package. Students who think their background is particularly compelling are welcome to discuss their eligibility with their Financial Aid Officer.
The Loan for Disadvantaged Students (LDS) carries the following terms:
Interest Rate: All LDS loans carry an interest rate of 5%. No interest accrues during in-school enrollment, the grace period, and periods of deferment.
Grace Period: LDS loans have a twelve-month grace period that begins once the student ceases to be enrolled at least half-time.
Deferment: During periods of deferment, interest ceases to accrue on the loans and the repayment of principal is not required. LDS Loans are eligible for deferment if the borrower is: in a program of advanced professional training, including internship, residency, and up to 2 years of fellowship;
- Serving full-time as a member of a uniformed service (three-year maximum);
- A full-time volunteer under the Peace Corps Act (three-year maximum);
- Engaged in a full-time educational activity at a school that is eligible for participation in the LDS program.
The LDS program does not require the borrower to fill out a loan application; the student need only sign and return the financial aid award letter to begin the loan origination process. Loan promissory notes will be made available for signing in September, and LDS funds will be credited directly to the borrower’s Harvard term bill account within a few days after loan signing.
Primary Care Loan - (PCL)
The PCL program is sponsored by the U.S. Department of Health and Human Services. PCL is a low-interest loan program for health professions students demonstrating financial need who are committed to a career as a generalist physician or a specialist in preventive medicine/public health. Borrowers will be required to sign a service agreement, committing to primary care practice until the loan is repaid. The financial penalties for breaking this agreement are extreme; therefore, only students certain of their primary care career goals should participate in this program.
The Financial Aid Office sends notification about PCL funding availability in early spring to graduating students who have indicated an interest in primary care on their HMS aid application. Interested candidates will be asked to meet with their Financial Aid Officer to review the terms of the loan prior to signing the promissory note.
Interest Rate: The interest rate on the loan is 5%, and no interest accrues during periods of in school enrollment, grace, and deferment.
Grace Period: These loans have a 12-month grace period.
Deferment: During periods of deferment, interest ceases to accrue on the loans and the repayment of principal is not required. PCL borrowers may defer these loans for up to four years of internship and/or residency.
INSTITUTIONAL AID PROGRAMS
Harvard Medical School Scholarships
Students qualify for HMS scholarship when their calculated financial need exceeds the unit loan amount established for their particular entering class. Financial need is the only criterion used to determine the amount of HMS scholarship a student receives. This program is funded from endowed funds, current fundraising, and unrestricted income.
General Restricted Scholarships
HMS shares certain endowed scholarship funds with other units of the University. The Harvard University Committee on General Scholarships administers these multi-school funds. The HMS Financial Aid Office will nominate eligible HMS Scholarship recipients for these funds on the basis of the information provided on the Personal Background Questionnaire that is part of the financial aid application.
If an HMS Scholarship recipient is selected to receive a general scholarship, the general scholarship funds will be used to fund a portion of the student’s regular HMS Scholarship award. Thus being selected for a general scholarship changes only the source of funds for the student’s scholarship award; the total amount awarded remains unchanged.
Harvard Medical School Revolving Loan - (HMSRL)
The Harvard Medical School Revolving Loan is funded by the income from several endowment funds and the repayments made to the fund by previous borrowers. This loan is used to fund the campus-based segment of the unit loan for selected students.
The HMSRL program does not require the borrower to fill out a loan application; the student need only sign and return the financial aid award letter to begin the loan origination process. Loan promissory notes will be made available for signing in September and January, and HMSRL funds will be credited directly to the borrower’s Harvard term bill account within a few days after loan signing.
Interest Rate: Harvard Medical School Revolving Loans carry a rate of 5%. No interest is charged during in-school enrollment and the grace period.
Grace Period: All HMS Revolving Loans have a six-month grace period that begins once the student ceases to be enrolled at least half-time.
Deferment: During periods of deferment, interest ceases to accrue on the loans and the repayment of principal is not required. All HMS Revolving Loans are eligible for deferment if the borrower is one of the following:
A full-time student at an institution of higher education; A graduate fellow under an approved fellowship program; Enrolled in an approved rehabilitation training program (one-year maximum); A member of the U.S Armed Forces (three-year maximum); A volunteer under the Peace Corps or Domestic Service Act of 1973 (three-year maximum); An officer in the Commissioned Corps of the U.S Public Health Service (three-year maximum); Conscientiously seeking, but unable to find employment over a twelve-month period; Temporarily totally disabled or has a spouse who is temporarily totally disabled (three-year maximum).
Forbearance: If a borrower is temporarily unable to meet the repayment schedule for the HMSRL and is not eligible for a deferment, s/he can request a forbearance for a limited and specific period.
During periods of forbearance, repayment of principal is postponed or reduced, but interest continues to accrue on the loans. Forbearance is granted on an annual basis and the borrower must submit a request in writing to the Harvard University Student Loan Office. During periods of forbearance, repayment of principal is not required but interest continues to accrue on the loans.
All HMS Revolving Loans are eligible for forbearance during the following times:
- Periods of serious financial difficulty;
- Up to 24 months of internship/residency training.
HMS Wolfson Loan
The Wolfson Loan is another HMS institutional loan fund. The fund was established from the bequest of the late Dr. Louis Wolfson. A graduate of Tufts Medical School, Dr. Wolfson had an interest in helping medical students. In the two years before his death, Dr. Wolfson made generous contributions to the medical schools of Harvard, Boston University and Tufts for student loans. Thus, a substantial annual gift in perpetuity for student loans has been assured in Dr. Wolfson's name.
The Wolfson Loan program does not require the borrower to fill out a loan application; the student need only sign and return the financial aid award letter to begin the loan origination process. Loan promissory notes will be made available for signing in September and January, and Wolfson funds will be credited directly to the borrower’s Harvard term bill account within a few days after loan signing.
The terms of Wolfson Loans disbursed prior to September 1, 2003 are identical to those of the HMSRL program in all respects. Loans disbursed after September 1, 2003 have the following terms:
Interest Rate: The interest rate on a Wolfson Loan is fixed when the loan enters repayment. It is equal to the local prime lending rate plus 1%, not to exceed 7%. No interest is charged during in-school enrollment and the grace period.
Grace Period: All Wolfson Loans have a grace period up to sixty months, provided the borrower ceases to be enrolled at least half-time and is participating in an internship/residency training program.
Deferment: During periods of deferment, interest ceases to accrue on the loans and the repayment of principal is not required. All HMS Revolving Loans are eligible for deferment if the borrower is one of the following:
A full-time student at an institution of higher education; A graduate fellow under an approved fellowship program; Enrolled in an approved rehabilitation training program (one-year maximum); A member of the U.S Armed Forces (three-year maximum); A volunteer under the Peace Corps or Domestic Service Act of 1973 (three-year maximum); An officer in the Commissioned Corps of the U.S Public Health Service (three-year maximum); Conscientiously seeking, but unable to find employment over a twelve-month period; Temporarily totally disabled or has a spouse who is temporarily totally disabled (three-year maximum).
Forbearance: If a borrower is temporarily unable to meet the repayment schedule for the Wolfson Loan and is not eligible for a deferment, s/he can request a forbearance for a limited and specific period.
During periods of forbearance, repayment of principal is postponed or reduced, but interest continues to accrue on the loans. Forbearance is granted on an annual basis and the borrower must submit a request in writing to the Harvard University Student Loan Office. During periods of forbearance, repayment of principal is not required but interest continues to accrue on the loans.
Other Campus Programs
HST Research and Teaching Assistantships
HMS students in the Health Sciences and Technology (HST) Program are simultaneously enrolled as graduate students at the Massachusetts Institute of Technology (MIT). As such, they are able to participate in MIT’s graduate research and teaching assistantship programs. Teaching and research assistants
work in a laboratory or assist in the teaching of a course, and are compensated with a tuition grant and monthly stipend.
In 2002-03, a half-time research assistant received $4,095 in stipend payments and $7007.50 in tuition credit over the course of a semester. Similarly, a full-time research assistant received $8,730 in stipend and $14,015 in tuition credit. Stipends are paid directly to the student on a monthly basis and payroll taxes are deducted. The tuition credit is transferred from MIT to HMS, where it is credited to the student's HMS term bill at the end of the semester. The teaching assistantship program also offers a stipend and tuition credit to its recipients; compensation rates vary.
As with outside scholarships, funds received from the HST assistantship programs result in a dollar for dollar adjustment to the student’s aid package. When making this adjustment to the aid package, the HST funding is first applied toward replacing the calculated parent contribution. After the parent contribuiton has been fully replaced, remaining funds will be used to decrease the loans in the aid package, beginning with the least favorable loan. Only if HST funds exceeds the total amount of student loans would the HMS scholarship then be decreased.
Recipients of HST funding should notify the Financial Aid Office as soon as their placement is confirmed so they can plan appropriately for the resulting adjustments to the aid package.
M.D./M.P.H. Program
The integrated M.D./M.P.H. program has been established for students interested in population aspects of health, community health, preventive medicine, health policy and management, international health, and occupational and environmental health. The program ordinarily requires five years of full-time study at both the Harvard School of Public Health and Harvard Medical School.
M.D./M.P.H. students are considered financial aid clients of Harvard Medical School throughout the duration of the program regardless of course enrollment patterns; they follow the same financial aid application guidelines as HMS M.D. program students. Interested students should contact the Financial Aid Office for more specific information about tuition charges and financial aid awarding policies.
M.D./Ph.D. Program
Students who wish to obtain a Ph.D. in addition to a medical degree may apply for admission to the M.D./Ph.D. Program. This program is competitive, and funding arrangements for students admitted to the Program vary. M.D./Ph.D. students may study at the Harvard Medical School, the Harvard Graduate School of Arts and Sciences, and the Massachusetts Institute of Technology. Most students receive full funding under this program, and are not eligible for additional HMS aid. Students who determine that they have a shortfall between their M.D./Ph.D. funding and the standard budget may apply for student loans to meet this gap. Funds from the Federal Direct Subsidized Stafford/Ford Loan and/or the Federal Direct Unsubsidized Stafford/Ford Loan Programs are generally used for this purpose.
M.D./Ph.D. students who do not receive funding from the M.D./Ph.D. Program would follow the regular application process outlined in this guide. Each academic year, the school that charges the student tuition is considered the school of primary enrollment and is responsible for providing financial aid services to the
student. Therefore, during periods when the student is enrolled at MIT or Harvard’s Graduate School of Arts and Sciences, s/he must apply for financial aid through that particular school's Financial Aid Office.
HMS Research Fellowships
Extensive research opportunities for students are available in the Medical School Quadrangle, throughout Harvard University, within the Harvard teaching hospitals, and at the Massachusetts Institute of Technology. A database of enrichment opportunities is maintained by the HMS Office for Enrichment Programs
to keep students informed about new and ongoing opportunities at HMS and beyond. Each Academic Society also has a designated Research Fellow who helps students identify their research interests, find appropriate laboratories, develop research proposals, and present proposals to the HMS Committee on Student Research. The Committee evaluates the proposals and then either agrees to fund individual proposals or give feedback as to how they can be strengthened for resubmission.
Each summer, many HMS students participate in the HMS Summer Research Fellowship Program, receiving with funding from the Enrichment Programs Office and the laboratories in which they work. The Office also co-funds part-time year-long student research projects. Many students who began with summer research projects continue throughout the academic year; several purse the five year M.D. option, applying for a year of full-time funded research through the Howard Hughes Medical Institute, American Heart Association, or other Harvard and outside agencies.
When students receive funds for research projects from the Office of Enrichment Program during a period of enrollment, this funding must be disclosed to the Financial Aid Office and incorporated into the students aid package. In cases where the student has already been funded up to the total amount allowed in his/her current student budget, a dollar for dollar adjustment must be made to the aid package to prevent the student from being over-funded. As with outside scholarships, adjustments always begin with the least favorable loan. Only if enrichment funding exceeds the total amount of student loans and parent contribution would HMS cholarship then be decreased.
OUTSIDE LOAN PROGRAMS
Massachusetts Medical Society Loan
Upon recommendation by the HMS Financial Aid Office, the Massachusetts Medical Society makes loans of $5,000 per year to third- and fourth-year medical students. This loan is not included in the initial financial aid packages prepared by the Financial Aid Office; third and fourth year students considering additional borrowing may contact the Office to express interest in this program.
Loan recipients are required to pay interest at the rate of 1% per year while in Medical School and during the first three years following graduation, 2% for the next two years and 6% during the subsequent four years. Payment towards loan principal begins in the first year after graduation. The percentage of principal due increases each. Payments of principal and interest are due on June 30th of each year.
The Society requires a separate application form and the loan is subject to final approval by the Directors of the Society’s Charitable and Educational Fund. Loan recipients must report to the Medical Society headquarters in Waltham, MA to sign the promissory note and pick up the loan check in person. The Society disburses the loan in a single check made payable to the recipient.
Harvard-Citibank HELP Loan
Due to the high borrowing limits allowed under the Federal Direct Unsubsidized Stafford/Ford Loan program, most HMS students will not need to borrow from private, market-rate loan programs. However, the Harvard Educational Loan Program (HELP) from Citibank is available to students who have reached the annual or lifteim maximum loan limits of the federal loan programs. This program is also available to international students who do not qualify for federal loans, and for students in their final year of medical school seeking funds for residency interview and relocation purposes.
Contact the HMS Financial Aid Office for application instructions.
Interest Rate: variable: prime - 0.125%, adjusted quarterly fro the life of the loan.
Grace Period: Six month grace period begins once the student ceases to be enrolled at least half-time.
Deferment/Forbearance: Same as for the Federal Unsubsidized Stafford Loan.
Origination Fees: None.
Debt Limits: Annual maximum equal to student bdget less other aid received. Cumulative debt limit of $220,000 including all other student loans
Residency Relocation Loan: Up to $12,000 max (graduating students only)
Repayment Period: 25 years standard, may be extended to 30 years upon request.
PRIVATE OUTSIDE SCHOLARSHIPS COORDINATED BY THE HMS FINANCIAL
AID OFFICE
Joseph Collins Foundation Scholarship
The Joseph Collins Foundation offers a limited number of scholarships for medical students who demonstrate financial need, intend to specialize in neurology, psychiatry, or general practice, and who demonstrate an accomplishment in cultural pursuits (art, music, theater, writing, etc.). Candidates must be nominated by the Financial Aid Office. In 2002-2003, each recipient received an award of $10,000, renewable for each year of medical school.
Preference is given to first- and second-year students, and the Collins Foundation ordinarily prefers nominees who plan to obtain the M.D. degree over four years without interruption. The Financial Aid Office will solicit nominees for the Collins Scholarship from the student body in January of each year.
National Medical Fellowships (NMF)
NMF offers scholarships to African American, American Indian, Mexican American, and Mainland Puerto Rican first- and second-year students who are U.S. citizens and demonstrate financial need. Application must be made through National Medical Fellowships, 110 West 32nd Street, 8th Floor, New York, NY 10001-3205. The NMF deadline for first-year applicants is June 30th and the deadline for renewal candidates is May 1st.
FEDERAL PROGRAMS WITH A COMMITMENT OF FUTURE SERVICE
F. Edward Hebert Armed Forces Health Professions Scholarship Program (AFHPSP)
The Armed Forces Health Professions Scholarship Program is intended to recruit personnel to alleviate the shortage of physicians serving military personnel and their dependents. The program is offered through the Air Force, Army, and Navy. The program offers support to medical students for their tuition and required fees, and provides a monthly stipend for living expenses. The stipend is subject to state and federal taxes and must be reported on the receipient’s tax returns. In addition, each year the student is required to spend 45 days on Active Duty Training (ADT) with full pay and allowances.
The minimum service obligation incurred by participants in AFHPSP is three years; a year of obligation is required for each year the student receives financial support. Participants must apply for residency programs in military facilities. Residents are selected for military or civilian programs based on the future needs of the military. Time spent in graduate and post-graduate training is not credited towards the fulfillment of a program obligation for AFHPSP or ROTC.
To be eligible for participation in military scholarship programs, a student must be a U.S. citizen who is enrolled in, or who is in receipt of a firm letter of acceptance from medical school. The student must meet the eligibility requirements for appointment in the U.S. Armed Forces. Students must complete the application process through the military branch that interests them.
Since the AFHPSP provides support that covers most of the expenses in the standard budget, students generally do not apply for additional financial aid. Students who determine that they have a shortfall between their AFHPSP funding and the standard budget may apply for student loans to meet this gap. Funds from the Federal Direct Subsidized Stafford/Ford Loan and/or the Federal Direct Unsubsidized Stafford/Ford Loan Programs are generally used for this purpose.
National Health Service Corps (NHSC) Scholarship Program
The National Health Service Corps Scholarship Program was created to address the shortage of health professionals in certain areas in the United States. Scholarship recipients receive 12 monthly stipends, a single payment to cover books, supplies, and equipment for the year, and payment to the School of tuition and required fees for the year. The scholarship may be renewed through graduation without additional competition.
For each year of support, participants owe one year of future service providing primary care services in a Health Professional Shortage Area (HPSA) as assigned by the NHSC. The minimum obligation is two years. These assignments are most often as salaried civilian employees of community-based systems of primary health care.
These awards are targeted for students who intend to train and practice in primary care specialties. Preference will be given to applicants: 1) who are former recipients of the NHSC Scholarship, 2) who have personal characteristics that increase the probability that they will continue to practice in a health professional shortage area after graduation; and 3) who are from disadvantaged backgrounds.
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